Note 03/12/2008: Tables 35 and 85 in the Time Series Spreadsheets have been updated with the latest current price original GDP measure from the September 2008 quarterly national accounts.

SEPTEMBER KEY FIGURES

Jun Qtr 2008

Sep Qtr 2008

Jun Qtr 2008 to Sep Qtr 2008

$m

$m

% change

BALANCE ON CURRENT ACCOUNT

Trend estimates

-11 244

-10 258

9

Seasonally adjusted

-14 043

-9 736

31

BALANCE ON GOODS AND SERVICES

Trend estimates

945

1 498

59

Seasonally adjusted

-1 264

1 432

. .

NET INCOME

Trend estimates

-12 091

-11 661

4

Seasonally adjusted

-12 682

-11 072

13

LEVELS AT END OF PERIOD

International Investment Position

697 520

709 576

2

Net foreign equity

82 877

51 615

-38

Net foreign debt

614 643

657 961

7

. . not applicable

Current Account, Main aggregates - Trend estimates at current prices (a)

International Investment

SEPTEMBER KEY POINTS

BALANCE OF PAYMENTS

The current account deficit, seasonally adjusted, fell $4,307m (31%) to $9,736m. The surplus on balance of goods and services of $1,432m was a turnaround of $2,696m on the revised $1,264m deficit for June quarter 2008. The income deficit decreased $1,610m (13%) to $11,072m.

In seasonally adjusted chain volume terms there was an increase of $1,088m (11%) in the deficit on goods and services. This is expected to detract 0.4 percentage points from growth in the September quarter 2008 volume measures of GDP.

INTERNATIONAL INVESTMENT POSITION (IIP)

Australia's net IIP rose $12.1b to a net liability position of $709.6b. Australia's net foreign debt liability increased by $43.3b to a liability of $658.0b. Australia's net foreign equity liability decreased by $31.3b to a liability of $51.6b.

NOTES

FORTHCOMING ISSUES

ISSUE (QUARTER)

Release Date

December 2008

3 March 2009

March 2009

2 June 2009

REVISIONS

Table 36 summarises revisions, in original current price terms, since the last issue of this publication, for the last three years and six quarters.

Incorporation of the latest survey and administrative data has resulted in revisions to the current account back to September quarter 2006. In original terms, these revisions have :

increased the 2006-07 current account deficit by $639m

increased the 2007-08 current account deficit by $1,925m

increased the current account deficit for June quarter 2008 by $1,468m.

For the June 2008 quarter, the coal, coke and briquettes component was revised down $593m from $9,849m to $9,256m and the metal ores and minerals component was revised down $613m from $13,573m to $12,960m as more complete information regarding new price contracts and their effects became available. All adjustments have been removed from the coal, coke and briquettes component of the balance of payments series as significant revisions to documents lodged with the Australian Customs Service are not expected for the June quarter. Further investigation of the effect of new price contracts are underway and further revisions to the metal ores and minerals component are possible.

The financial account and international investment position have been revised back to September quarter 2007, resulting in an increase of $5,382m in Australia's net IIP liability as at 30 June 2008 to $697,520m.

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